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There are many criteria that can be used to judge an economic system, but the main ones are efficiency and equity. Efficiency is defined as not just having markets that fit the theoretical definition of efficient, but having growth in the size of the economy and lots of innovation. Equity is the distribution of the income. The most efficient economy in the world does no good if the income from it is owned by a few people, and the rest live in wretched poverty. Equity also means the ability of every person to have the necessities of life, such as food, clothing, shelter, education, health care, etc.
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